Quilter plc (QLT.L), on Wednesday, reported that its H1 IFRS profit before tax attributable to shareholder returns surged to £18 million from £7 million last year. On a per share basis, basic earnings totaled 1.0p versus 0.4p earned a year ago.
The Group's IFRS profit after tax was £13 million compared to £5 million for H1 2023, reflecting the improvement in the adjusted profit result, partially offset by variances in policyholder tax outcomes due to market gains in the first half of the year.
Adjusted profit before tax for the period amounted to £97 million compared to £76 million in the prior year period. Adjusted earnings rose to 5.2p per share, higher than the previous year's 4.3p per share.
Total net revenue increased 5% to £329 million from £312 million generated a year ago, reflecting an increase in revenue generated on corporate cash balances partially offset by planned revenue margin attrition.
The Quilter Board declared an Interim dividend for 2024 of 1.7 pence per share at a total cost of £23 million. The Interim dividend will be paid on 23 September 2024 to shareholders on the UK and South African share registers on 30 August 2024.
Steven Levin, Chief Executive Officer, said, "We delivered a strong performance in the first half of 2024, combining record adjusted profit, consistently strong Quilter channel flows, significantly increased Platform IFA flows, and good progress on delivering our efficiency initiatives. Our work to transform Quilter is delivering tangible results, but we have more to do to reach the ambitious goals we have set for ourselves."
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